Nick Snow
OGJ Washington Editor
WASHINGTON, DC, Apr. 9 -- The US Department of Justice charged six former executives of a Southern California valve manufacturer with conspiracy to bribe foreign government officials to secure contracts.
DOJ officials said the contracts resulted in $46.5 million in profits for the company, which was not identified beyond being based in Orange County, Calif.
The indictment accused the six defendants of being involved in the alleged bribery conspiracy during 1998-2007.
DOJ said payments were made to officials of China Petroleum Materials and Equipment Corp., PetroChina, China National Offshore Oil Corp., the Malaysian national oil company Petronas, and National Petroleum Construction Co., which is based in the UAE, as well as to several electricity and nuclear power firms. The payments are said to be in violation of the Foreign Corrupt Practices Act.
The indictment named former chief executive Stuart Carson, former worldwide sales director Paul Cosgrove, former worldwide customer service director David Edmonds, and former regional sales directors Hong (Rose) Carson (China and Taiwan), Han Yong Kim (South Korea), and Flavio Ricotti (Europe, Africa, and the Middle East).
The six defendants and others allegedly caused the valve company to make 236 corrupt payments in more than 30 countries during 2003-07, the indictment said. Two other former officials of the valve company previously pleaded guilty in related cases, DOJ said.
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